CI Investments Inc. grew its stake in American Tower Corporation (NYSE:AMT – Free Report) by 6.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,755 shares of the real estate investment trust’s stock after purchasing an additional 5,271 shares during the quarter. CI Investments Inc.’s holdings in American Tower were worth $15,317,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. First Trust Advisors LP lifted its holdings in American Tower by 116.5% in the first quarter. First Trust Advisors LP now owns 131,411 shares of the real estate investment trust’s stock worth $22,679,000 after buying an additional 70,708 shares during the period. Magellan Asset Management Ltd grew its holdings in shares of American Tower by 40.3% during the 1st quarter. Magellan Asset Management Ltd now owns 1,503,296 shares of the real estate investment trust’s stock worth $259,439,000 after acquiring an additional 431,517 shares during the period. Westpac Banking Corp raised its position in shares of American Tower by 7.6% in the 1st quarter. Westpac Banking Corp now owns 19,786 shares of the real estate investment trust’s stock worth $3,415,000 after acquiring an additional 1,405 shares in the last quarter. ABN Amro Investment Solutions raised its position in shares of American Tower by 1.8% in the 1st quarter. ABN Amro Investment Solutions now owns 41,610 shares of the real estate investment trust’s stock worth $7,181,000 after acquiring an additional 721 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of American Tower by 3.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 404,541 shares of the real estate investment trust’s stock valued at $69,816,000 after purchasing an additional 11,946 shares during the period. Institutional investors own 92.69% of the company’s stock.
American Tower Stock Performance
American Tower stock opened at $166.24 on Thursday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 3.07. The company has a market capitalization of $77.45 billion, a P/E ratio of 26.86, a PEG ratio of 0.68 and a beta of 0.91. The stock’s 50 day moving average is $176.97 and its 200 day moving average is $178.50. American Tower Corporation has a twelve month low of $160.06 and a twelve month high of $234.33.
American Tower Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, July 13th. Stockholders of record on Friday, June 12th were issued a dividend of $1.79 per share. The ex-dividend date was Friday, June 12th. This represents a $7.16 annualized dividend and a dividend yield of 4.3%. American Tower’s dividend payout ratio (DPR) is presently 115.67%.
Insider Activity at American Tower
In related news, EVP Ruth T. Dowling sold 416 shares of the firm’s stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $177.54, for a total value of $73,856.64. Following the transaction, the executive vice president directly owned 29,461 shares of the company’s stock, valued at approximately $5,230,505.94. This trade represents a 1.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.08% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
AMT has been the topic of several research reports. Mizuho upgraded American Tower from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $189.00 to $205.00 in a research report on Wednesday, April 15th. Sanford C. Bernstein raised American Tower from a “market perform” rating to an “outperform” rating and set a $207.00 price objective for the company in a research report on Tuesday, May 19th. Barclays dropped their target price on shares of American Tower from $200.00 to $195.00 and set an “equal weight” rating on the stock in a report on Thursday, April 16th. The Goldman Sachs Group initiated coverage on shares of American Tower in a research report on Friday, June 26th. They issued a “buy” rating and a $215.00 target price on the stock. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $240.00 price target on shares of American Tower in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, American Tower has an average rating of “Moderate Buy” and a consensus target price of $215.57.
Read Our Latest Stock Analysis on AMT
About American Tower
American Tower (NYSE: AMT) is a real estate investment trust (REIT) that owns, operates and develops wireless and broadcast communications infrastructure. The company’s core business is leasing space on communications sites — including towers, rooftops and other structures — to wireless carriers, broadcasters, government agencies and enterprise customers. Its business model centers on long-term site leases and contracts that provide recurring revenue tied to the footprint and density of wireless networks.
Beyond traditional tower assets, American Tower offers a range of infrastructure and network services to support mobile, broadband and broadcast connectivity.
Featured Articles
- Five stocks we like better than American Tower
- Could Truth API Become Trump Media’s First Meaningful Revenue Driver?
- Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying
- Moog Is More Than a Missile Maker, and Wall Street Is Noticing
- A Boring Dividend Growth Strategy Becomes a Solid Defensive Play
Want to see what other hedge funds are holding AMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Tower Corporation (NYSE:AMT – Free Report).
Receive News & Ratings for American Tower Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for American Tower and related companies with MarketBeat.com's FREE daily email newsletter.
